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February 13, 2023 at 03:39 PM
In its third enforcement action this year related to the Securities and Exchange Commission’s Regulation Best Interest, the Financial Industry Regulatory Authority has censured and fined a Long Island broker-dealer firm.
Long Island Financial Group was ordered to pay a $35,000 fine for failing, since June 30, 2020, to establish, maintain and enforce written policies and procedures reasonably designed to achieve compliance with Reg BI.
The firm has five registered reps and provides services to retail customers, focusing on sales of equities, mutual funds and variable annuities, according to FINRA’s order.
Since June 30, 2020, the firm also failed to prepare, file and deliver its Customer Relationship Summary form, known as Form CRS.
As a result, LIFG violated FINRA Rules 3110 and 2010.
